Union Budget 2024: Hiranandani advocates for housing and skills focus

Union Budget 2024: As the nation awaits the budget announcement by Finance Minister Nirmala Sitharaman on Tuesday, a series of experts are joining Republic Business to elaborate on the intricacies of the budget to the audience. In the early hours of the budget day, experts shared their insights and expectations regarding the key focus areas and potential impacts of Budget 2024.

Niranjan Hiranandani, Chairman and MD of the Hiranandani Group, discussed the crucial aspects that should be addressed in the upcoming budget. 

Affordable housing and growth

Hiranandani highlighted that the International Monetary Fund (IMF) has upgraded India's economic forecast for 2024, with projected growth at 7 per cent, surpassing the earlier estimate of 6.8 per cent. This positive outlook presents an opportunity to capitalise on the favourable economic conditions.

"To make the best of this promising year, we need to focus on two main areas," Hiranandani asserted.

"Firstly, there's an urgent need to boost affordable housing. The sector has faced setbacks over the past year, and the Pradhan Mantri Awas Yojana (PMAY) scheme needs a significant commitment to rejuvenate it. A proposed allocation of Rs 60,000 crore could significantly boost the economy and potentially elevate growth rates from 7-8 per cent to 9-10 per cent," he added.

He stressed that affordable housing is integral to sustaining economic growth, referencing China's double-digit growth in the past, which was driven by investments in real estate and housing. 

Hiranandani also highlighted the importance of addressing the skill gap, noting that many industries are struggling to find adequately skilled workers. 

"The shortage of skill sets is a pressing issue. Enhanced focus on skilling, upskilling, and reskilling is essential to meet industry demands and address unemployment concerns," he pointed out.

Key priorities: Infrastructure, skills

In addition to these points, Hiranandani stressed the need for increased investment in infrastructure. He pointed out that while Mumbai is set to expand its metro network significantly, other areas and urban infrastructure also require substantial development. Investments in projects like the Adani airport in Navi Mumbai and the expansion of metro lines will be crucial.

"If I were the Finance Minister, my priorities would include boosting tourism, textiles, real estate, infrastructure, and services," Hiranandani said. 

"Above all, I would concentrate on improving skilling programs to align with the evolving needs of the economy. This approach will not only support GDP growth but also enhance employment opportunities across the country," he added.

As the Union Budget 2024 approaches, these insights highlight the critical areas that could shape India's economy in the coming year. The expectations from the Budget reflect a strong desire to leverage current growth trends and address fundamental issues to drive sustainable development.

(Source: Republicbiz)